Brokerage eToro in $10.4 Billion SPAC Deal with FinTech Acquisition



© Reuters

By Dhirendra Tripathi

Investing.com – FinTech Acquisition (NASDAQ:) shares were up over 6% in premarket trading Tuesday on reports Israel’s eToro has agreed to merge with the blank-check firm backed by banking entrepreneur Betsy Cohen.

FinTech is a special purpose acquisition company. A SPAC is a blank-check shell company that uses proceeds from an IPO to take private firms public.

The $10.4 billion deal is backed by SoftBank’s Vision Fund 2.

eToro, a private online stock brokerage, competes with Robinhood, a hugely popular platform with young investors for its easy-to-use interface. It also serves as on outlet for amateur traders itching to challenge Wall Street biggies.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE